Omaha daily bee., 1887-06-12
BIG EXCITEMENT In WHEAT.
The July Option Takes Sudden and Unex'
peoted Drop.
JUNE STAYS FIRM AS A ROCK.
Corn Again Weak and Lower, With
Heavy Trading in the Aggregate
Oats Touch Bottom Prices
Quotations.
CHICAGO PRODUCE MARKEr.

CHICAGO, June ll.-IOpeClaI 1elcsIam W
the BEE.l-There was wild commotiOn in
the wheat pit to-day, the excitement being
concentrated into the last half Of the session,
however. Up to II 80 q. IN. the market ruled
steady and rather quiet, with July ranging
between s5l6c and s8]sc. The initial trades
in July were at s5Tc. The prices worked up
to SG1sc. with light business passing. nthen
worked of to $3.50, which point was reached
about II 80. The crowd ana scalpers gener-
ally had been operating for several days on
the theory that the market was pegged at
S51ac. Every time the price got near that
limit the crowd had taken the market and
run it up little ways. The number OF
talers was on the increase, and presumably
their holdings sweled at thesa time. The
clique was expected to cOre along any min
ute and put the market up TO enable tailers to
sell out at profit. The clique concluded to
let the tailers and the crowd have the mar
ket. Possibly the clique may have let them
have some wheat, too, at the peg price. AT
any rate, when the peg price was reached
some Of the bears put out feelers and they
eGsap oer prdpelS aa tne any and
had had the market settled under s211c
than everybody wanted 70 sell, and ia
S4l6c there was a fractional recovery to S45sc.
The next drop. was to Sac. then so,5c was
lowed BY another sharp break TO sSAc. Again
there was &c recovery to $3.50, then de.
cline to sa1fc, slide to ssHc. and quick
slump to This VS. tnSf OF poee S
the el.d of the session there was q steady al.
vance and the final quotation was S3stc. The
| total break from the best price was Ssfc, and
compared with yesterday The clique bro.
kers did nothing whetever that anybody
could see until about halt IN hour before the
bell tapped. During the laet half hour they
mendously. closing the market firm at INC
recovery from the bottom. There seemed to
| be no difficulty in getting the crop below s4c.
June wheat may pc aescsoed SssSaan as nIm s as
| (49211c and the last Quohtion was 8:zc:
Very little was done.' August opened at
| SlXc, advanced to S216c, broke to 794c and
high as slssasl1c and IS low as 7SSSc, clos
| ing at SO3sc.
Corn was again weak to-day, and further
shrinkage in values took place, The opening
Closing sales but as there was quite q pres
| sure to trade, a large amount of July long
corn coming out, and good buying OF more
,hs As Mas 2 ra
there appeared to be unlimited buying orders.
| Norton and WorthiDcton were the largest
local buyers to-day, the lowest figures being
established during the last hour OF the ses-
sion. Sellers for the month rested &c S71sc,
July at Ss4sa3sh {, August at 3914@39ssc, and
September at 401tc.
Oats were extremely weak and heavy IN
the speculative market sHd prices brOke NO
&c on the entire list of futures, all closing at
the bottom. July sold down from 96Hc to
25kc, August, from 2511c to 25c, and Septem-
Der from 9 51Sc to 241Sc.
In the provision trade the spec
ulative interest developed was con-
pose porI neeectea sa and lard S's only moderately
active. Traders were given ample Opportu-
nifty to watch the rib market, which was both
active and irregular. The undertone govern
it was depressed for n time by the selling OF
"tailers" and weak holders, who were in
tiuenced by the weakness In wheat and corn,
the days movement showed remarkable
strength. The depressions suffered here
speedily recovered, and at the adjournment
| OF the board the different deliveries of ribs
showed an actual Improvement OF Sc on last
nights closing. In lard the fluctuations
| were SC, TIC and the closings only 2xc lower.
Pork for June delivery was again quoted at
$500.
On THE CURB.-June wheat steady at 914c
July ranged s3ls(@SS11c, with trades on the
open board at S3%.